Baidu's Profits Fall As It Focuses On AI

The Chinese tech company Baidu has reported a Q1 drop in profit after moving its focus to AI late last year. Compared with the first quarter of 2016, the company has reported a 9.3% drop in operating profit, equivalent to 290 million US dollars. The change comes as Baidu aims to move from “a mobile-first, to an AI-first company” in 2017. However, it wasn't all bad news, as the company also saw a 6.8% increase in total revenue, due to a rise in its mobile revenues. Referring to the increase in revenue, Baidu's COO Qi Lu called it a “solid” quarter, adding that its shift to AI held “tremendous long-term potential”.